78. Disregarded holdings

(1) For the purposes of section 77, shares and voting power that a person holds in an undertaking ("B") or in a parent undertaking of B ("P") are disregarded in the following circumstances.
(2) Shares held only for the purposes of clearing and settling within a short settlement cycle are disregarded.
(3) Shares held by a custodian or its nominee in a custodian capacity are disregarded, provided that the custodian or nominee is only able to exercise voting power attached to the shares in accordance with instructions given in writing.
(4) Shares representing no more than 5% of the total voting power in B or P held by a financial institution are disregarded, provided that it neither intervenes in the management of B or P nor exerts any influence on B or P to buy the shares or back the share price.